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Powerball Annuity Jackpot Analysis for Iowa

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The Powerball annuity jackpot is awarded according to an increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $415,000,000 would be for a resident of Iowa, including taxes withheld.

Please note, the amounts shown are very close approximations to the amount a jackpot annuity winner would receive from the lottery every year.  They are not intended to specify the final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money.  (For example, if the winner gave all their fortune to charity, they may actually end up getting money back that was initially withheld, whereas someone who buys a new mansion and a fleet of new cars would probably end up owing more taxes than shown.)

State:

Iowa

Drawing Date:  Sat, May 7, 2016
Jackpot:$415,000,000
Federal Tax:  25%
State Tax:5.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$6,246,346$1,561,586$312,317$4,372,442
2$6,558,663$1,639,666$327,933$4,591,064
3$6,886,596$1,721,649$344,330$4,820,617
4$7,230,926$1,807,731$361,546$5,061,648
5$7,592,472$1,898,118$379,624$5,314,730
6$7,972,096$1,993,024$398,605$5,580,467
7$8,370,701$2,092,675$418,535$5,859,490
8$8,789,236$2,197,309$439,462$6,152,465
9$9,228,697$2,307,174$461,435$6,460,088
10$9,690,132$2,422,533$484,507$6,783,092
11$10,174,639$2,543,660$508,732$7,122,247
12$10,683,371$2,670,843$534,169$7,478,360
13$11,217,539$2,804,385$560,877$7,852,277
14$11,778,416$2,944,604$588,921$8,244,891
15$12,367,337$3,091,834$618,367$8,657,136
16$12,985,704$3,246,426$649,285$9,089,993
17$13,634,989$3,408,747$681,749$9,544,492
18$14,316,738$3,579,185$715,837$10,021,717
19$15,032,575$3,758,144$751,629$10,522,803
20$15,784,204$3,946,051$789,210$11,048,943
21$16,573,414$4,143,354$828,671$11,601,390
22$17,402,085$4,350,521$870,104$12,181,460
23$18,272,189$4,568,047$913,609$12,790,533
24$19,185,799$4,796,450$959,290$13,430,059
25$20,145,089$5,036,272$1,007,254$14,101,562
26$21,152,343$5,288,086$1,057,617$14,806,640
27$22,209,960$5,552,490$1,110,498$15,546,972
28$23,320,458$5,830,115$1,166,023$16,324,321
29$24,486,481$6,121,620$1,224,324$17,140,537
30$25,710,805$6,427,701$1,285,540$17,997,564
Total$415,000,001$103,750,000$20,750,000$290,500,001
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